Exam 16: Trading With Other Nations  

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Which one of the following is FALSE?

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Why is it said that imports are paid for by exports?

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There can be no specialization without _____ .

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When each country specializes according to its own comparative advantage, total world production is greater than it would be otherwise.

(True/False)
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Table 16.5 Table 16.5    Table 16.5 shows the labor input required to produce a fixed quantity of product A and a fixed quantity of product B in each of two countries. -Refer to Table 16.5. Assume that each country has 100 workers. If there is no trade between the countries and each country only produces Product A, what is the world output of product A? Table 16.5 shows the labor input required to produce a fixed quantity of product A and a fixed quantity of product B in each of two countries. -Refer to Table 16.5. Assume that each country has 100 workers. If there is no trade between the countries and each country only produces Product A, what is the world output of product A?

(Multiple Choice)
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A country is made richer by its exports and poorer by its imports.

(True/False)
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What change do you make on a supply and demand graph to show the effect of an import quota?

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The infant-industry argument asserts that firms can best compete in the global marketplace when they are new and most creative.

(True/False)
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A country has a comparative advantage in growing eggplant if it can do so at a lower opportunity cost than any other country can.

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During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be

(Multiple Choice)
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Table 16.1 Table 16.1      Table 16.1 shows the quantities of cookies and coffee that can be produced with the full amount of resources available in each of two countries, Alpha and Beta. -By looking at Table 16.1, we know that Table 16.1      Table 16.1 shows the quantities of cookies and coffee that can be produced with the full amount of resources available in each of two countries, Alpha and Beta. -By looking at Table 16.1, we know that Table 16.1 shows the quantities of cookies and coffee that can be produced with the full amount of resources available in each of two countries, Alpha and Beta. -By looking at Table 16.1, we know that

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A country can enhance its wealth by restricting imports.

(True/False)
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Which one of the following is FALSE?

(Multiple Choice)
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In the U.S. today, imports are over

(Multiple Choice)
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Some argue that American workers cannot compete with cheap labor from many developing nations. This

(Multiple Choice)
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Table 16.6 Table 16.6    Table 16.6 shows the combinations of quantities of two goods, gallons of ice cream and yards of textiles, that can be produced with all of the resources available in two countries, X and Y. -Refer to Table 16.6. Which of the following statements is TRUE? Table 16.6 shows the combinations of quantities of two goods, gallons of ice cream and yards of textiles, that can be produced with all of the resources available in two countries, X and Y. -Refer to Table 16.6. Which of the following statements is TRUE?

(Multiple Choice)
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A country can only have a comparative advantage in producing a good if it also has an absolute advantage in producing that good.

(True/False)
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A restriction on imports will eventually result in fewer exports and therefore will reduce employment in export industries.

(True/False)
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Table 16.4 Table 16.4    Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, Argentina has the comparative advantage in Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, Argentina has the comparative advantage in

(Multiple Choice)
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The effect of a _____ is to shift the supply curve up and to the left.

(Short Answer)
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